The government has opened consultation seeking views on proposals for the design and administration of the UK carbon border adjustment mechanism (CBAM) which is set to be introduced from 1 January 2027.
CBAM will be introduced on imports of certain carbon intensive imported goods from the following sectors: aluminium; cement; ceramics; fertilisers; glass; hydrogen; and iron and steel. The consultation annex confirms that the UK plans to include CN Heading 7318 (Fasteners) for inclusion within the scope of the UK CBAM.
This consultation, being undertaken jointly by His Majesty’s Revenue & Customs (HMRC) and His Majesty’s Treasury (HMT), sets out proposals for the design and administration of the mechanism.
The government invites views from interested parties, including importers and their agents, other businesses, individuals, tax advisers, trade and professional bodies and other interested parties, including those overseas.
Responses should be provided to the response form (preferred) or by email to cbampolicyteam@hmrc.gov.uk.
BIAFD will be holding a second presentation on the issue at its spring meeting. BIAFD members will have the opportunity to give their views after the presentation and these will be taken into consideration when the association forms its consultation response. A copy of which will then be circulated to BIAFD members.
Torque-Expo on May 14, 2024, will include a seminar from Crowe regarding CBAM and its introduction. Visitors can register to attend the event in Telford here.
The consultation closes on June 13, 2024.
